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My brother and I purchased a house together about 10 years ago and we have 10 years left to run on our mortgage. Our repayments are quite high and we would like to reduce them by as much as possible. What are the options?

Sadly, you have probably been paying a great deal more than you needed to over the past five years or so. Mortgage rates have come down significantly and lenders are falling over themselves to lend money. Most borrowers today have at least four mortgages during their lifetime either because they move home or switch to a more competitive rate.

Your current lender is probably making a huge profit on your loan so it certainly won’t tell you about the newer, much lower rates for new customers. Reviewing your mortgage now is likely to save you a great deal of cash, particularly if you look at a